Home > Cande = Conjecture & Exaggeration, Fande = Fact & Evidence, The Economy > “The Economy Needs a Bit of Ingenuity” by Edmund S. Phelps

“The Economy Needs a Bit of Ingenuity” by Edmund S. Phelps

http://www.nytimes.com/2010/08/07/opinion/07phelps.html?ref=global-home

EXCERPT:

“What, then, is to be done? One reform would be to create a First National Bank of Innovation — a state-sponsored network of merchant banks that invest in and lend to innovative projects. Another would be to improve corporate governance by tying executives’ compensation to long-term performance rather than one-year profits, and by linking fund managers’ pay to skill in picking stocks, not in marketing their funds. Exempting start-ups from corporate income tax for a time would also help.

Edmund S. Phelps, the director of the Center on Capitalism and Society at Columbia University and winner of the 2006 Nobel Prize in Economics, is the author of “Structural Slumps” and “Rewarding Work.”

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